Fish Fixe Seafood Delivery
DEAL
EPISODE SUMMARY
🕓 Air Date: November 12, 2021
Asking For:
$200,000 for 15%
Investor:
Lori Greiner
Deal:
$200,000 for 25%
PRODUCT SUMMARY
Fish Fixe delivers perfectly portioned, premium seafood to doorsteps nationwide, simplifying seafood consumption with quality products and clear cooking instructions.
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Background Story
Emily and Melissa, both mothers hailing from Houston, Texas, embarked on a remarkable journey into the seafood industry with their innovative venture, Fish Fixe. The driving force behind their endeavor was a profound understanding of the untapped potential within the seafood market. They astutely recognized that despite the manifold health benefits associated with seafood consumption, a staggering 80% of Americans were deterred by the complexities of procuring, handling, and preparing seafood at home.
To address this pervasive issue, Emily and Melissa leveraged their unique skill sets. Emily brought a wealth of experience garnered from her extensive background in the seafood industry. On the other hand, Melissa’s career in wine and spirits distribution equipped her with a deep understanding of customer preferences and effective distribution strategies. Together, they founded Fish Fixe with a resolute mission: to demystify seafood, making it both accessible and approachable for all.
Their vision materialized in the form of Fish Fixe, a company dedicated to delivering premium, meticulously portioned seafood directly to consumers’ doorsteps. By doing so, they not only eliminated the common impediments associated with seafood but also ensured that individuals could savor its myriad benefits without hesitation. The duo’s fusion of expertise and passion culminated in a business that not only addresses a pressing consumer need but also contributes to a healthier, seafood-enriched lifestyle for countless individuals across the nation.
The Product
Fish Fixe offers an extensive selection of premium seafood sourced from various corners of the world, catering to seafood enthusiasts seeking quality and convenience. What sets Fish Fixe apart is its meticulous approach to ensuring the utmost freshness and ease of preparation for its customers. The core of Fish Fixe’s offering lies in the individual portioning and freezing of seafood products.
This not only guarantees that the seafood remains in its prime condition but also simplifies the cooking process for consumers. The packaging plays a pivotal role in this endeavor, providing crystal-clear instructions for thawing, prepping, and cooking the seafood. This thoughtful design empowers customers to create delectable seafood dishes in their own kitchens with confidence, eliminating any apprehensions about mishandling or overcooking.
To further enhance the customer experience, Fish Fixe goes the extra mile by designing packaging that absorbs odors, ensuring that no lingering fishy smells linger in the kitchen. Customers can conveniently browse and purchase Fish Fixe products directly from their website.
The most popular package, containing 16 portions, is priced competitively at either $139 or $149. Fish Fixe’s commitment to post-delivery satisfaction ensures that customers not only receive top-notch seafood but also enjoy a seamless and enjoyable cooking journey in the comfort of their homes.
How It Went
The company’s position before Shark Tank
Fish Fixe demonstrated commendable performance in the previous year, boasting $821,000 in sales with a modest profit margin of $20,000. A significant milestone in their journey was the transition to a 100% direct-to-consumer model via their website. This strategic shift allowed them to establish a more direct connection with their customer base and achieve remarkable success, with an impressive 70% of their revenue stemming from their subscription-based business model.
Nevertheless, they encountered a shipping dilemma as their customer demographic shifted from 75% local to a 50% presence on the East and West Coasts. This geographical change amplified shipping expenses, accounting for a substantial 11% of their revenue. However, Fish Fixe exhibited adaptability by devising plans to lower this cost to approximately 5% through collaboration with a third-party logistics provider.
The founders openly acknowledged the inherent variability in their primary costs due to the dynamic nature of the seafood industry, characterized by fluctuating prices. In light of these challenges and their ambitious expansion goals, they sought $200,000 in funding to fortify their position in the market and navigate the complexities of the seafood distribution sector. Fish Fixe’s financial data and dedication to addressing challenges underscore their commitment to growth and resilience in a competitive industry.
The Negotiations:
In the negotiation phase of their “Shark Tank” appearance, Fish Fixe faced both interest and skepticism from the Sharks, ultimately securing a deal with Lori Greiner. Here’s how the negotiation unfolded: Lori Greiner, Kevin O’Leary, and Robert Herjavec were the first Sharks to express interest in Fish Fixe. Lori, recognizing the potential of the business, decided to make an offer. She offered $200,000 for a 25% equity stake in the company. Her expertise in direct-to-consumer businesses and her extensive social media following were her selling points. This offer captured the attention of Emily and Melissa, who were weighing their options carefully.
Kevin O’Leary, known as “Mr. Wonderful,” initially offered $200,000 for 30% equity. However, he was unwavering and had specific terms in mind, which included not waiting for the founders to make improvements. Emily and Melissa hesitated to accept this offer and countered with 25%, but Kevin remained firm and declined. Lori Greiner reentered the negotiations, demonstrating her commitment to the partnership by offering to take the deal at 30%. She emphasized the value she could bring to the business, especially in terms of leveraging her social media presence. Emily and Melissa, recognizing the opportunity to work with Lori, accepted her offer.
The negotiation highlighted the importance of not only securing funding but also finding a strategic partner who could provide the necessary guidance and resources. In the end, Fish Fixe chose Lori Greiner as their partner, securing $200,000 for 25% equity, a decision that marked a successful outcome on “Shark Tank.” Lori’s track record of turning products into successes through her marketing prowess and connections made her a compelling choice for the founders.
